Ascend Wellness Holdings, Inc. (AWH), a multi-state cannabis operator, reported net revenue of $500.6 million for the year ended December 31, 2025, a decrease of 11% compared to $561.6 million in 2024. The decline was attributed to increased competition and pricing pressure in key markets, which offset incremental revenue from acquisitions and consolidated partnership activity. The company experienced a shift in revenue mix, with legacy dispensary locations declining by $63.0 million, while partner stores contributed $22.5 million and new store openings added $7.9 million. Wholesale revenue also decreased by $28.3 million due to market competition and a strategic focus on company-owned and partner stores.
AWH reported an operating loss of $17.0 million in 2025, a significant change from the operating profit of $4.7 million in 2024. This shift was influenced by a $17.0 million settlement expense related to an arbitration matter, lower revenue, and higher general and administrative expenses due to one-time costs associated with debt refinancing and strategic initiatives. These factors were partially offset by improved gross margins resulting from strategic initiatives implemented in the second half of 2024. The company's gross profit margin increased to 33.9% in 2025 from 32.8% in 2024, driven by improved realization at cultivation facilities and higher sales of company-produced products.
Key operational developments included the addition of eight retail stores, including partner locations, bringing the total to 47 as of December 31, 2025. AWH also expanded its product portfolio by launching 566 new SKUs and two new brands, High Wired and Honor Roll. The company sold approximately 225,000 pounds of wholesale product in 2025, compared to 187,000 pounds in the previous year. As of December 31, 2025, AWH had approximately 2,300 employees, excluding those at retail partner locations.
Looking ahead, AWH has fully-financed expansion plans to reach 60 retail locations, including partner locations. The company anticipates capital expenditures of approximately $20.0 million in 2026, primarily for cultivation facility enhancements, partner dispensary build-outs, and general maintenance. AWH also expects to fund these expenditures primarily through cash flows from operations. The company's growth strategy focuses on vertical integration in limited-license markets, establishing flagship retail locations, and disciplined capital allocation through mergers and acquisitions. AWH's management believes that its current cash position and anticipated revenue growth will be sufficient to fund operations for the next twelve months.
About Ascend Wellness Holdings, Inc.
Ascend Wellness Holdings, Inc. is a vertically integrated multi-state cannabis operator focused on cultivation, manufacturing, and distribution of cannabis consumer packaged goods. It sells products through company-owned dispensaries and third-party retailers across seven U.S. states with limited-license, primarily adult-use markets. Ascend offers diverse branded cannabis products including flower, edibles, vapes, and concentrates, leveraging scale, prime retail locations, and a broad product portfolio to serve recreational and medical consumers.
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